Bsp Financial Group Ltd. (Papua New Guinea)

The Bank is Papua New Guinea s retail bank with over 35 branches and in excess of 2 billion kina in assets. The Bank offers a broad range of banking products and services to both personal and business customers. The Bank commenced operations on 1, May, 1957 in Port mores by as a branch of the National Bank of Australasia Limited.
The Bank s shares were listed on the Port Moresby Stock Exchange on 27, August, 2003.
Operations were later expanded to the major centers and on 1, October, 1974, it was incorporated as Bank of South Pacific Limited, a wholly owned subsidiary of the Australian parent, with a paid-up capital of K2 million. In April, 1980 and August, 1981, a total of 300,000 ordinary fully paid shares of K1 were issued to the public in Papua New Guinea, thus increasing the paid-up capital to 2,300,000 fully paid K1 shares. On 24, August, 1993, the nationally owned company, National Investment Holdings Limited (NIHL) acquired the 87 shareholding held by National Australia Bank. On 25, October, 1993, 100 ownership of the Bank was achieved by NIHL, which later changed its name to BSP Holdings Limited. In December, 1995, BSP Holdings Limited completed a successful capital raising of K2.7 million by way of a Convertible Note Issue. The holding company took up an additional 2,700,000 fully paid shares of K1 in Bank of South Pacific Limited, increasing the issued capital to K5,000,000. At that time, Motor Vehicles Insurance (PNG) Trust (now incorporated as (Motor Vehicles Insurance Limited) acquired 2,130,000 shares or a 22.42 shareholding in BSP Holdings Limited to become the second shareholder behind Credit Corporation (PNG) Ltd with 24.89 . In October, 1998, BSP Holdings Limited raised K12.9 million through a Rights Issue of shares at K3.00. During December, 1998, BSP Holdings Limited went into voluntary liquidation and its shareholders now hold shares in Bank of South Pacific Limited.
The company name was changed to BSP Financial Group Limited in 2021 after the listing to accurately capture our diversified service offerings to our customers across the region.